PRESS RELEASE

Gazettal of Inland Revenue (Amendment) (Tax Concessions) Bill 2020

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     The Inland Revenue (Amendment) (Tax Concessions) Bill 2020 will be gazetted on March 6. The Bill seeks to implement tax concessions proposed in the 2020-21 Budget.
 
      The 2020-21 Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2019/20 by 100 per cent, subject to a ceiling of $20,000 per case. The reductions will be reflected in taxpayers' final tax payable for the year of assessment 2019/20. The proposals will benefit 1.95 million taxpayers of salaries tax and tax under personal assessment as well as 141 000 tax-paying corporations and unincorporated businesses. The total government revenue forgone in 2020-21 will amount to $20.8 billion.
 
      The Bill will be introduced into the Legislative Council on March 18.
 

Ends/Wednesday, March 4, 2020
Issued at HKT 16:00

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